Has your insurance gone up?
Discussion
LF5335 said:
Investigate what?
I can just see the FCA sitting there saying “My God Dan Ashby who doesn’t understand anything at all about insurance thinks the whole thing seems like a racket. Looks like we’ve not been doing our jobs. We’d better investigate something’
Investigate if UK customers are getting a fair deal and are not being shafted. I'm not pretending to be an insurance expert, but I don't think you are one either.I can just see the FCA sitting there saying “My God Dan Ashby who doesn’t understand anything at all about insurance thinks the whole thing seems like a racket. Looks like we’ve not been doing our jobs. We’d better investigate something’
If car insurance in other European countries have not raised as much as here in the UK despite similar circumstances then I think it would be worth at least check if there is fair pricing.
danashby said:
Investigate if UK customers are getting a fair deal and are not being shafted. I'm not pretending to be an insurance expert, but I don't think you are one either.
If car insurance in other European countries have not raised as much as here in the UK despite similar circumstances then I think it would be worth at least check if there is fair pricing.
What makes you think they aren’t reviewing it all the time? Equally, why does it matter what happens in other countries? They have different legal structures and it can cover different things too. If car insurance in other European countries have not raised as much as here in the UK despite similar circumstances then I think it would be worth at least check if there is fair pricing.
I've just renewed mine today with no changes (beyond being a year older, but that doesn't make much difference once you're my age!) and it's gone up from £198 to £208, so a 1-2% in real terms. Clearly these huge rises people are complaining about are hardly universal! That's just basic auto-renewal, with no real change from last year I can't be bothered to shop around to see if I can save a few quid elsewhere.
danashby said:
JustGetATesla said:
Of course! Everything costs more in the UK. Do French car insurers use claims management companies as ours do? There's your cost increase of a "repair" right there - in my case £165 A DAY for the courtesy Volvo where the repair wasn't even authorised for 6 weeks. Kerching.
That will be a part of the problem, however I don't think UK is the only place where insurers use claims management companies, but I'm happy to be corrected on this. The whole car insurance industry in the UK seems like a racket to me and I don't even own tinfoil hat.Another annoying thing is that FCA won't even investigate.
Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
98elise said:
In the UK costs have gone up significantly....
Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
From the article:Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
"By contrast, car premiums over the same period rose by 6% in Italy, 5% in Spain and 2% in France, according to the recent financial results of one of Britain’s biggest insurers Admiral, which also trades in Europe."
danashby said:
98elise said:
In the UK costs have gone up significantly....
Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
From the article:Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
"By contrast, car premiums over the same period rose by 6% in Italy, 5% in Spain and 2% in France, according to the recent financial results of one of Britain’s biggest insurers Admiral, which also trades in Europe."
98elise said:
In the UK costs have gone up significantly....
Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
ABI existence is to protect the intrests of insurers, not yours or mine (clue is in their name). Yes, costs may have gone up and there were probably many different reasons for that, however UK is the only European country where insurance shoot up so much in the last couple of years. And except FCA there is no one else who would be protecting customers against unreasonable price hikes.Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
danashby said:
ABI existence is to protect the intrests of insurers, not yours or mine (clue is in their name). Yes, costs may have gone up and there were probably many different reasons for that, however UK is the only European country where insurance shoot up so much in the last couple of years. And except FCA there is no one else who would be protecting customers against unreasonable price hikes.
Of course there is. The open market. If you think there’s a big price fixing cartel then that’s your call, but all it takes in one insurer to say “you know what? We only really need to increase prices by x%, or even keep them level and we can undercut the whole market. Instead of a small share of a reasonable side market, we can corner it and make a huge profit too.”Unless, of course you prefer socialism and the Nanny State.
danashby said:
98elise said:
In the UK costs have gone up significantly....
Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
ABI existence is to protect the intrests of insurers, not yours or mine (clue is in their name). Yes, costs may have gone up and there were probably many different reasons for that, however UK is the only European country where insurance shoot up so much in the last couple of years. And except FCA there is no one else who would be protecting customers against unreasonable price hikes.Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.
https://www.thisismoney.co.uk/money/bills/article-...
How much have they gone up in France?
Have costs gone up similarly in other European countries, and what do they typically pay for insurance like for like? Just quoting smaller % rises alone is meaningless without context.
Personally I believe insurance in the UK is quite competitive, and if those cost increases are true, then I can easily see why insurance is going up.
LF5335 said:
Of course there is. The open market. If you think there’s a big price fixing cartel then that’s your call, but all it takes in one insurer to say “you know what? We only really need to increase prices by x%, or even keep them level and we can undercut the whole market. Instead of a small share of a reasonable side market, we can corner it and make a huge profit too.”
Unless, of course you prefer socialism and the Nanny State.
Enough with the price fixing stawmanUnless, of course you prefer socialism and the Nanny State.
Markets can get distorted without anyone breaking the law or forming a cartel.
If open markets solved everything we wouldn't need regulators, but we do.
Payment protection insurance was an open market.
The gap insurance market was open, until the FCA asked companies to suspend sales recently.
LF5335 said:
danashby said:
ABI existence is to protect the intrests of insurers, not yours or mine (clue is in their name). Yes, costs may have gone up and there were probably many different reasons for that, however UK is the only European country where insurance shoot up so much in the last couple of years. And except FCA there is no one else who would be protecting customers against unreasonable price hikes.
Of course there is. The open market. If you think there’s a big price fixing cartel then that’s your call, but all it takes in one insurer to say “you know what? We only really need to increase prices by x%, or even keep them level and we can undercut the whole market. Instead of a small share of a reasonable side market, we can corner it and make a huge profit too.”Unless, of course you prefer socialism and the Nanny State.
e-honda said:
Enough with the price fixing stawman
Markets can get distorted without anyone breaking the law or forming a cartel.
If open markets solved everything we wouldn't need regulators, but we do.
Payment protection insurance was an open market.
The gap insurance market was open, until the FCA asked companies to suspend sales recently.
Enough with the conspiracy theories. The FCA is a regulator, they regulate the hell out of the UK insurance market. However, you and others seem to think they sit around doing nothing and whenever presented with evidence to the contrary, you all go “yeah, but foreign places” without considering that anything at all could be different. Markets can get distorted without anyone breaking the law or forming a cartel.
If open markets solved everything we wouldn't need regulators, but we do.
Payment protection insurance was an open market.
The gap insurance market was open, until the FCA asked companies to suspend sales recently.
LF5335 said:
Of course there is. The open market. If you think there’s a big price fixing cartel then that’s your call, but all it takes in one insurer to say “you know what? We only really need to increase prices by x%, or even keep them level and we can undercut the whole market. Instead of a small share of a reasonable side market, we can corner it and make a huge profit too.”
Unless, of course you prefer socialism and the Nanny State.
Even the open market requires an independent body that would do checks and balances to avoid situation where few private companies can charge whatever they wish. Insurance companies are here to make money, of course they are and I'm not pretending otherwise, but it has to be a fair deal for consumers. I'm sure you wouldn't like to being mugged either, right?Unless, of course you prefer socialism and the Nanny State.
If insurance on the continent goes up on average by 5-6% or let's say for arguments sake 10% it is still way off UK average of 34%! If the difference was 5% then I would say fair enough, UK may have some extra things going on, but the difference is quite large and I just would like to see someone else than ABI going through the numbers.
If this makes me a socialist and nanny state fan then so be it.
LF5335 said:
Enough with the conspiracy theories. The FCA is a regulator, they regulate the hell out of the UK insurance market. However, you and others seem to think they sit around doing nothing and whenever presented with evidence to the contrary, you all go “yeah, but foreign places” without considering that anything at all could be different.
You are really quite unpleasant aren't youWhy do you keep accusing me of conspiracy theories when you run out of meaningful stuff to say.
None of what you said is in way representative of anything I have ever said.
98elise said:
Either you believe the figures or you don't. Who the ABI represent is not a factor in the costs.
Have costs gone up similarly in other European countries, and what do they typically pay for insurance like for like? Just quoting smaller % rises alone is meaningless without context.
Personally I believe insurance in the UK is quite competitive, and if those cost increases are true, then I can easily see why insurance is going up.
It is not the factor, but it is their job to protect insurers intrests and one could say profits as well. The prices went up in the rest of Europe, but not as much as here in the UK.Have costs gone up similarly in other European countries, and what do they typically pay for insurance like for like? Just quoting smaller % rises alone is meaningless without context.
Personally I believe insurance in the UK is quite competitive, and if those cost increases are true, then I can easily see why insurance is going up.
LF5335 said:
Enough with the conspiracy theories. The FCA is a regulator, they regulate the hell out of the UK insurance market. However, you and others seem to think they sit around doing nothing and whenever presented with evidence to the contrary, you all go “yeah, but foreign places” without considering that anything at all could be different.
I know it is easy to blame foreginers, but these numbers are from Admiral which also trades in Europe.danashby said:
Even the open market requires an independent body that would do checks and balances to avoid situation where few private companies can charge whatever they wish. Insurance companies are here to make money, of course they are and I'm not pretending otherwise, but it has to be a fair deal for consumers. I'm sure you wouldn't like to being mugged either, right?
If insurance on the continent goes up on average by 5-6% or let's say for arguments sake 10% it is still way off UK average of 34%! If the difference was 5% then I would say fair enough, UK may have some extra things going on, but the difference is quite large and I just would like to see someone else than ABI going through the numbers.
If this makes me a socialist and nanny state fan then so be it.
The problem is the word “fair”. You see things as unfair because you don’t like them and refuse to accept any other position. If insurance on the continent goes up on average by 5-6% or let's say for arguments sake 10% it is still way off UK average of 34%! If the difference was 5% then I would say fair enough, UK may have some extra things going on, but the difference is quite large and I just would like to see someone else than ABI going through the numbers.
If this makes me a socialist and nanny state fan then so be it.
What is the price starting point in France? Let’s say they’re at €1000 and it only goes up 5% so it’s now €1050 is that fairer than the uk who were much cheaper for years and years but have now gone through a market correction and the prices are now broadly similar?
e-honda said:
You are really quite unpleasant aren't you
Why do you keep accusing me of conspiracy theories when you run out of meaningful stuff to say.
None of what you said is in way representative of anything I have ever said.
It was in direct response to your comment about strawmen. Why do you keep accusing me of conspiracy theories when you run out of meaningful stuff to say.
None of what you said is in way representative of anything I have ever said.
LF5335 said:
It was in direct response to your comment about strawmen.
Because you bring out the same argument again and again.Someone suggest there is pricing distortion
You declare pricing distortion impossible without price fixing and accuse people of claiming there is price fixing / cartels which you deny.
It's a total strawman.
You've done it again and again, you've done it right now
LF5335 said:
danashby said:
ABI existence is to protect the intrests of insurers, not yours or mine (clue is in their name). Yes, costs may have gone up and there were probably many different reasons for that, however UK is the only European country where insurance shoot up so much in the last couple of years. And except FCA there is no one else who would be protecting customers against unreasonable price hikes.
Of course there is. The open market. If you think there’s a big price fixing cartel then that’s your call, but all it takes in one insurer to say “you know what? We only really need to increase prices by x%, or even keep them level and we can undercut the whole market. Instead of a small share of a reasonable side market, we can corner it and make a huge profit too.”Unless, of course you prefer socialism and the Nanny State.
It's not there, it's not in any previous comments, you have invented it so you can argue against it
That is what a stawman is.
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